Which key regulatory changes will shape the rest of 2024?

The current regulatory landscape is dynamic and multifaceted, driven by technological advancements and ESG considerations. With increased scrutiny there's a need for robust compliance frameworks - across various sectors. But what are the most pressing issues?

The latest edition of Regulatory Radar from international law firm RPC details some of the key changes for the rest of the year and unpacks their implications and actions businesses need to take to comply.

Key changes include:

• The new Financial Conduct Authority (FCA) "anti-greenwashing" rule and the role of whistleblowing in ESG compliance

  The FCA has introduced stringent measures to combat greenwashing. By strengthening protections for whistleblowers and ensuring robust internal reporting mechanisms, organisations can help identify and rectify misleading claims internally before they escalate to regulatory scrutiny.
  
  

• Defined benefit funding and investment strategy regulations
  New regulations have been introduced to enhance the sustainability and transparency of defined benefit pension schemes. This move has implications for trustees and sponsors, RPC provides a roadmap to navigate these changes effectively.
  
  

• The EU Artificial Intelligence (AI) Act: the debate is over
  After extensive deliberation, the EU has finalised the AI Act. This landmark legislation sets the standard for AI governance, focusing on risk management, accountability, and transparency. AI experts from RPC analyse what businesses need to do to comply.
  
  

• Digital Markets, Competition and Consumers Act receives Royal Assent
  The Digital Markets, Competition and Consumers Act has been enacted, introducing new regulations to promote fair competition in digital markets. RPC lawyers examine the Act’s key provisions and their potential impact on businesses and consumers alike.
  
  

• A new dawn in cybersecurity: the Digital Operational Resilience Act (DORA)
  The DORA aims to fortify the cybersecurity framework for financial entities within the EU. A complex Act, RPC lawyers highlight the critical components of DORA and what companies must do to enhance their digital resilience.

Gavin Reese, Partner and Head of Regulatory at RPC, says: "Against this backdrop, keeping on top of regulatory compliance, appropriate risk management processes, and the ability to respond quickly and effectively is business critical. It’s never been more demanding to meet regulatory obligations."

For more insights and to read Regulatory Radar click here.